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Alibaba's Hong Kong stocks plunged 10% after it announced a new share placement to raise HKD 80 billion for AI infrastructure.
Alibaba announced its first new share placement since its Hong Kong listing, offering 710 million new shares at HK$112.7 per share, raising HK$80 billion. All proceeds will be used for AI infrastructure construction. This transaction is the largest follow-on offering by a listed company in Hong Kong's history and the largest stock sale in Hong Kong since 2021. Affected by this news, Alibaba's Hong Kong stocks fell 10% today. Renowned investor Michael Burry expressed his "disagreement" with this offering, believing it will lead to a continued decline in Alibaba's Return on Invested Capital (ROIC).
Source：华尔街见闻 · Source Link
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